Venezuela, in a squeeze for hard currency, devalued its currency for foreigners another 44%, following an initial devaluation of 32% by Chavez in February.  The move is seen as a necessity to keep Venezuela from defaulting on sovereign debt when reliance on excessively high levels of public spending has been the tool of Chavez and his successor, Maduro, to maintain their grip on power.  It is the 6th such major devaluation in a decade.
The move is essentially a bookkeeping sleight-of-hand – it allows the Venezuelan central bank to balance its books by “earning” more Bolivars for its oil export sales, at a time when overall sales volume has decreased dramatically.